What is blockchain?

“If someone comes to see you, and asks,” Do I need a blockchain for my business? “, Ask them:” Do you need something open, neutral? , without borders, that no one controls and resists censorship? If so, then you need Bitcoin, Ethereum, Monero, if you do not need all this, what you are asking for is a database. Install one, you do not need blockchain. – Andreas Antonopoulos.

Blockchain is a technology where information is storage and transmitted with transparency, security, and which is not controlled by anybody.

More than that, a blockchain is a database that contains the history of all the exchanges made between its users since its creation. This database is secure and distributed: it is shared by its different users, without intermediaries, which allows everyone to check the validity of the chain.

The blockchain can be used in three ways: for the transfer of assets, for better traceability of assets and products and to automatically execute contracts.

The potential of the blockchain

The decentralized character of the blockchain, coupled with its security and transparency, promises much broader applications than the monetary domain.

We can classify the use of the blockchain in three categories:

 

  • Applications for the transfer of assets .
  • Blockchain applications as a registry: it ensures better traceability of products and assets.
  • Smart contracts: These are stand-alone programs that automatically execute the terms and conditions of a contract, without requiring human intervention once started.